Assembly 

7  IE54- 


Library  of  the 
University  of  North  Carolina 

Endowed  by  the  Dialectic  and  Philan- 
thropic Societies 

Op 385. 1  -  MElp 


00042071 


890 


FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


Form  No.  A-368.  Rev.  8/95 


Leg.  Doc.    No.] 


[Ses.  1854-'55 


COMMUIICATKM 


preaikitl  of  t§  %  C.  Iftailrnai  Comptiij 


GENERAL  ASSEMBLY, 


RALEIGH  : 

W.  W.  HOLDEN,  PRINTER  TO  THE  STATE. 
1854. 


Raleigh,  December  4,  1 854. 
Hon.   S.  P.  Hill, 

Speaker  of  the  House  of  Commons. 

I  have  the  honor  to  transmit  to  you  the  accompanying 
communication  to  the  General  Assembly,  with  the  request 
that  the  same  may  be  laid  before  the  House  of  Commons, 
and  then  communicated  to  the  Senate. 

Very  respectfully, 

Your  obedient  servant, 

J.  M.  MOREHEAD, 

President  of  the  North  Carolina  R.  R.  Co. 


COMMUNICATION. 


To  the  General  Assembly  of  North  Carolina  : 

The  people  of  the  State  having  entrusted  to  your  wisdom 
and  discretion  their  interest  and  welfare,  it  seems  to  be  due 
to  them  and  just  to  you,  to  lay  before  your  honorable  body, 
such  matters  and  things  as  may  aid  you  to  discharge  with 
fidelity  and  ability  the  important  trusts  confided  to  you. 

To  that  end  the  North  Carolina  Railroad  Company  deem 
it  proper,  through  me  as  their  organ,  to  put  you  in  possession 
of  such  facts  as  will  enable  you  to  understand  thoroughly 
the  progress  of  its  works,  and  the  condition  of  its  finances  ; 
and  from  your  wisdom  to  ask  such  prudent  counsel  and  aid, 
as  will  ensure  the  completion  and  triumphant  success  of  this 
great  work. 

The  State  is  by  far  the  largest  Stockholder  in  this  com- 
pany, and  consequently,  so  far  as  mere  profits  are  concerned, 
is  deeply  interested  in  its  quick  completion  and  successful 
operation  ;  but  when  we  reflect  upon  the  extraordinary  rev- 
olution which  it  is  likely  to  produce  upon  all  the  industrial 
pursuits  of  life  :  how  it  has  already  quickened  and  will  con- 
tinue to  quicken  industry  in  agricultural,  commercial,  min- 
ing, manufacturing,  and  mechanical  pursuits  ;  the  mere 
question  of  dividends  shrinks  into  insignificance,  when  com- 
pared to  the  vast  advantages  resulting  to  the  citizens.  We 
therefore  beg  leave  to  lay  before  you  the  following  report  for 
your  consideration. 

The  contractors  on  this  road  were  mostly  required  to  com- 
mence iheir  contracts  by  the  1st  of  January,  1852,  and  to 
complete  the  same  by  the  1st  of  January, 1854  ;  and  it  was  then 
believed  that  if  no  unforseen  obstacle  presented  itself,  the  road 
would  be  completed  by  the  end  of  the  year  1855.  Nothing 
has  yet  occurred  to  induce  a  change  of  that  opinion. 

By  the  end  of  the  present  year  the  road  will  be  finished 
from   Goldsboro'    to    Denhamsville  station,   some    14  miles 


southeast  of  Hillsboro',  the  wliolc  distance  being  75  miles  ; 
and  by  the  same  time  it  will  be  finished  from  Charlotte  to 
Salisbury;  a  distance  of  43,  making  the  whole  length  of  the 
road  then  completed  118  miles,  and  trains  now  ready,  will 
be  forthwith  put  on  each  end  of  the  road,  sufficient  to  do  all 
transportation  of  freight  and  passengers. 

The  intervening  space  between  Denhamsville  station  and 
Salisbury,  a  distance  of  105  miles,  has  been  graded,  with 
the  exception  of  a  few  unfinished  sections,  and  the  bridge 
masonry,  a  very  heavy  item  on  this  part  of  the  road,  is 
mostly  completed  ;  the  next  year  will  therefore  be  employed 
principally  in  the  superstructure  of  bridges,  track-laying,  and 
the  completion  of  the  necessary  appendages  to  the  road. 

That  but  little  delay  may  be  experienced  during  the  next 
year,  contracts  have  been  and  will  shortly  be  made  for  the 
construction  of  all  wood  and  water  stations,  warehouses,  sills, 
rails,  chairs,  spikes,  eve. 

The  contract  for  9,000  tons  of  rails,  (of  2,240  pounds. per 
Ion,)  to  be  shipped  monthly,  in  lots  of  1,200  tons,  shipments 
to  commence  in  the  present  month,  and  deliverable  one-half 
at  Charleston,  South  Carolina,  and  the  other  half  at  Ports- 
mouth, Virginia,  free  of  all  charges  on  the  wharves,  duty 
excepted,  at  $42  50  per  ton,  cash  on  delivery,  in  North 
Carolina  currency,  and  payable  at  our  own  banks,  is  deem- 
ed a  favorable  contract,  under  the  existing  state  of  the  iron 
market ;  and  but  for  the  onerous  duty  unnecessarily  imposed 
on  rails,  in  making  provisions  for  this  large  purchase,  we 
should  be  released  from  a  heavy  item  of  expense. 

The  accompanying  printed  report  of  the  proceedings  of  the 
Stockholders  at  their  meeting  in  Iliilsboro'  in  July  last,  com 
tains  the  report  of  the  President  and  Directors^  as  also  that 
of  the  Committee  of  Finance,  and  to  which  report  reference 
is  made,  to  show  the  progress  and  condition  of  the  work,  and 
the  state  of  the  finances  of  the  company  to  the  1st  July  last-.* 
From  the  report  on  the  finances  of  the  company,  at  page 
30,  it  will  be  seen  that  there  was  then  due  from  the  Stock- 
holders $217,339,  and  from  the  State  $600,000,  of  which 


Stockholders  have  paid  since  ist  July,  $77,000,  and  the 
State  $230 ,000,  leaving  still  due  from  Stockholders  $140,000, 
and  from  the  Siate  $370,000. 

Of  the  million  subscribed  by  Stockholders,  it  is  believed 
$25,000  or  less  will  cover  nil  insolvencies,  and  the  balance 
of  the  $140,000  due  from  them,  will  be  mostly  paid  upon 
the  completion  of  (he  contracts  taken  by  Stockholders.  It 
would  seem  hard  to  compel  these  contractors  to  pay  the 
amounts  due  on  their  stocks  in  cash,  when  in  a  few  months 
it  must  be  refunded  to  them  in  payments  on  tfieir  contracts. 

Yet  the  indulgence  extended  to  them  and  to  some  others, 
whose  solvency  is  doubtful,  but  the  stock  secured  by  indul- 
gence ;  the  cases  of  insolvency  and  the  sums  due  from 
Stockholders  whose  stock  has  been  sold,  being  withheld,  all 
operate  to  the  inconvenience  of  the  company,  by  causing 
double  those  amounts  to  be  withheld  on  the  part  of  the  State, 
according  to  the  provisions  of  the  charter. 

As  the  interests  of  the  Company  require  the  payment  of 
all  its  Stock  at  the  earliest  day  practicable  ;  and  as  all  defer- 
red payments  are  charged  with  interest  ;  and  as  the  Stock- 
holders have  always  paid  in  advance  of  the  State,  it  is  most 
respectfully  submitted,  whether  the  interests  of  the  State,  as 
well  as  that  of  the  Company,  would  not  be  subserved  by 
the  immediate  payment  of  the  balance  of  the  last  half  mill- 
ion due  from  the   State. 

Nearly  or  quite  the  whole  amount  of  money  yet  to  come 
into  the  Treasury  will  be  exhausted  before  or  shortly  after 
the  first  of  January  next  in  payments,  for  iron  already  de- 
livered, and  the  duty  and  transportation  thereon  ;  for  negro 
hire  ;  balance  due  to  Contractors  upon  the  completion  of 
their  contracts  $  for  sills,  chairs,  spikes,  <fcc,  and  for  motive 
power ;  and  it  is  believed,  it  will  be  sufficient  to  meet  all  lia- 
bilities of  the  Company,  up  to  that  date  on  contracts  already 
made,  except,  as  to  the  last  purchase  of  iron. 

Thus  it  will  be  seen  to  meet  the  expenditures  of  the  next 

*  For  Report  of  Committee  of  Finance,  see  accompanying  Report  p.  23  to  31, 

Leg.  Doc.  No.    .]  2 


year  for  the  completion  of  the  Road,  provision  must  be 
forthwith  made.  And  two  questions  present  themselves  : — 
1st,  the  amount  to  be  raised, — 2nd,  how  that  amount  is  to 
be  raised  ? 

As  to  the  first,  exhibit  A  hereto  attached,  showing  the  lead- 
ing items  of  expenditure,  for  which  provision  has  to  be 
made,  shows  that  at  least  one  million  of  dollars  will  have  to 
be  raised. 

As  to  the  second  question,  how  that  sum  is  to  be  raised  ; 
the  charter  provides  several  modes,  viz  :  contemplating  by 
its  23d  section  the  insufficiency  of  three  millions  to  complete 
the  Road,  it  authorizes  the  Company  to  enlarge  its  Capital 
Slock  to  a  sum  sufficient  to  do  so,  "  either  by  opening 
"  books  for  new  Stock,  or  by  selling  such  new  Stock,  or  by 
11  borrowing  money  on  the  credit  of  the  Company,  and  on 
"  the  mortgage  of  its  charter  and  works." 

To  open  books  for  new  individual  subscriptions,  would  be 
useless.  The  present  Stockholders  made  a  noble  effort  to 
secure  the  charter  in  the  first  instance  ;  and  many,  sacrific- 
ing interest  to  patriotism,  subscribed  beyond  their  ability  to 
pay  with  convenience.  From  them  it  would  be  as  unjust 
to  require,  as  it  would  be  ungenerous  to  request  additional 
subscriptions. 

To  throw  new  stock  into  market  at  its  present  marketable 
value,  say  fifty  cents  in  the  dollar,  would  be  as  unjust  to 
the  State  and  present  Stockholders,  as  it  would  be  ruinous 
to  the  interests  of  the  Company.  Two  millions  of  stock  to 
raise  one  million  of  dollars,  would  swell  the  capital  of  the 
Company  to  five  millions  ;  a  proposition  not  to  be  enter- 
tained for  a  moment. 

But  the  idea  of  seeing  a  work  of  Internal  Improvement 
in  North  Carolina  starting  on  its  career  of  usefulness,  free 
from  debt  and  untrammeled  by  difficulty,  is  so  novel,  and  at 
the  same  time  so  pleasing,  I  cannot  but  indulge  it,  though 
it  prove  a  delusion. 

The  State  is  a  stockholder  in  the  company  to  the  amount 
of  two-thirds  of  the  capital ;  any  aid  she  may  give  to  the 


company  will  be,  relieving  herself  to  that  extent.  She  is 
able  to,  take  the  whole  stock,  necessary  to  complete  the  work; 
she  will  then  be  the  owner  of  three-fourths,  instead  of  two- 
thirtls  of  the  stock,  and  the  company  will  go  into  operation 
free  from  all  embarrassment..     , 

I  therefore,  in  behalf  of  the  company,  invite  your  atten- 
tion to  the  most  serious  consideration  of  the  subject  in  this 
point  of  view,  not  doubting  but  your  conclusions  will  be 
wise  and  just,  and  hoping  they  will  accord  with  my  own. 

Indeed  the  experiment,  if  an  experiment  it  can  be  called^ 
will  be  worth  the. subscription. 

The  early  history  of  the  embarrassments  of  the  other  Rail 
Roads  of  our,  State,  has  often  been  cited  to  the  prejudice  of 
the  cause  of  Internal  Improvement  ;  now  that  their  embar- 
rassments are,  to  some  extent,  removed,  allow  nae  lo  invoke 
their  late  triumphant  success  in  behalf  of  the  good  cause. 

If  your  experiment  prove  successful  and  the  stock  shall 
pay  good  dividends — the  purse-strings  of  the  overly  cautious 
will  loosen,  and  the  miser's  hoarded  wealth  will  crawl  from 
its  hiding-place,  to  seek  investment  in  stock,  perpetual  in  its 
duration  and  increasing  in  value,  as  the  production  and  pop- 
ulation of  the  country  shall  increase. 

If  it  be  unsuccessful.,  here  will  be  an  experiment  fairly 
made  to  guide  and  direct  the  prudence  of  future  legislation. 

Should  these  suggestions  not  meet  the  views  of  your  Hon- 
orable body,  then  nothing  remains  to  the  company  but  in- 
debtedness. 

And  of  whom  shall  the  money  be  borrowed  ? 

To  issue  the  bonds  of  the  company  to  the  amount  of  one 
million  of  dollars,  and  throw  them  into  market  already  glut- 
ted with  stocks  of  every  hue  and  dye  and  uncouth  name, 
issued  from  Wall  street  to  the  remotest  bounds  of  the  Union, 
would  be  attended  with  a  sacrifice  of  their  real  value,  of 
which  the  Slate  would  lose  two-thirds. 

Would  it  not  be  better  for  the  State  to  issue  her  own  bonds 
for  that  amount,  payable  at  some  remote  day,  and  put  them 
into  market;  and  hand  the  proceeds — or  perhaps  better — the 


8 

bonds  themselves,  over  to  the  company,  to  be  used  only  in 
the  construction  and  equipment  of  the  Road,  taking  a  mort- 
gage upon  the  works  if  deemed  necessary,  to  secure  the  pay- 
ment of  the  interest  and  principal  as  the  State  may  require? 
If  the  company  must  borrow  money,  this  appears  to  me, 
to  be,  by  far  the  most  feasible  plan  for  the  interests  of  the 
State  and  of  the  Stockholders. 

Should  the  Legislature  determine  to  take  the  Stock  ;  then 
I  would  respectfully  suggest  that  the  Stock  be  increased  one 
million  of  dollars,  only — or  if  they  prefer  to  aid  by  the  loan 
of  the  State's  bonds  or  the  proceeds  thereof,  then  it  may  be 
as  well  that  the  amount  should  correspond  with  the  estimate 
in  exhibit  A.  viz  :  $1,235,300  :  so  that,  the  company  may 
commence  its  operations,  having  nothing  to  provide  for,  until 
some  distant  day,  except  the  interest  on  this  debt  and  its  cur- 
rent expenses. 

As  by  the  estimates  now  submitted,  it  will  appear,  that 
the  Road,  when  fully  completed  and  equipped,  will  cost,  as 
per  exhibit  A — $1,235,300,  over  and  above  the  three  mil- 
lions ;  it  may  seem  to  lhem$  who  do  not  understand  the  sub- 
ject, that  the  original  estimate  of  $3,405,132  made  by  the 
Chief  Engineer  and  adopted  by  the  Board,  was  wide  of  the 
mark,  and  erroneous  in  its  calculations. 

If  any  such  impression  be  made,  it  is  clue  to  the  Chief 
Engineer,  and  to  the  Board,  with  whom  I  had  the  honor 
then  to  act,  in  adopting  the  first  estimate,  that  it  be  remov- 
ed. A  short  examination  of  the  subject  will  excite  surprise 
at  the  accuracy  of  the  first  estimate. 

That  estimate  was  made,  to  ascertain  what  sum  would  be 
required,  to  construct  the  Road,  and  fairly  put  it  in  operation, 
and  the  Chief  Engineer  after  estimating  that  the  Roadway 
would  cost  $2,165,332 — the  wrork-shops  and  fixtures  $100,- 
000 — proceeds  to  say  :  "  The  number  of  Locomotives  and 
i(  their  trains  depend  of  course  entirely  on  the  amount  of 
"  business,  and  may  be  increased  as  the  wants  of  the  Com- 
<•  pany  require.  It  is  not  usual  to  embrace  in  the  original 
"  estimates  and  charge  to  capital  more  than  barely  sufficient 


IC  to  put  the  Road  into  operation,  and  with  inconsiderable 
"  additions,  carry  it  through,  and  enable  it  to  do  the  business 
"  of  the  first  year.  With  this  restriction,  I  submit  the  fol- 
"  lowing  estimate,  viz  :" 

The  Engineer  then  estimates  for  ten  Locomotives,  six 
passenger,  four  Baggage  and  eighty  Burthen  Cars,  at 
$139,800 — which  sum  added  to  the  two  preceding  sums  gives 
$3,4o5,132  for  the  Road-way,  equipment  and  Workshops. 

The  estimates  now  presented  to  you,  are  intended  to  show 
what  sum  will  be  required  to  complete  the  Road,  all  neces- 
sary buildings  and  appendages,  and  to  equip  it  in  a  style 
commensurate  with  its  importance. 

By  these  estimates  the  entire  cost,  will  be  $4;235,300;  (be- 
ing  the  whole   amount  contained    in  exhibit  A.,  over  and 
above  the  three  millions  already  subscribed.) 
By  exhibit  A.  it  will    be  seen   the  motive   power   yet  to  be 
contracted  for,  amounts  to  the  sum  of  $289,600 

By  reference  to  the  accompanying  printed  Re- 
port 3  at  page  21,  will  be  seen  the  motive  pow- 
er already  contracted  for,  and  the  most  of  which 
is  already  received,  which  ma}7  be  put  down 
at  a  cost  of  221,150 


Thus  making  the  motive  power  cost  $510,750 

Deduct  estimate  for  motive  power  in  first  estimate,       139.801 1 


The  increase  for  motive  power  is  $370,950 

To  this  may  be  added  the  estimate  for  Houses, 
for  Overseers  and  hands,  which  might  be,  but 
ought  not  to  be,  dispensed  with,  viz  :  20,00(1 

Also  may  be  added  at  least  the  sum  of  $20,000, 
rendered  necessary.in  the  estimate  for  addition- 
al sheds  for  Locomotives  and  Coaches,  20,000 


Thus  we  have  the  sum  of  $410,950 

contained  in  the  present  estimate,  which  was  not  intended  to 
be  estimated  for  in  the  first. 

The  extraordinary  rise  in  the  price  of  iron  since  the  first 


10 

estimate,  could  only  have  been  seen  with  a  prophetic  eye. 
Of  the  twenty-three  thousand  tons  bought  for  this  Road, 
5,000  tons  were  purchased  before  the  rise,  and  18,000  tons 
since,  at  an  enhanced  price  of  at  least  $22  per  ton,  making 
the  cost  for  iron  at  least  $396,000  more  than  was  anticipat- 
ed. Add  this  sum  to  the  foregoing  sum  of  $410,950,  and 
we  have  the  sum  of  $806,950,  which  being  deducted  from 
the  present  estimate  $4,235,300,  leaves  $3,428,350.  De- 
duct from  this  the  first  estimate  of  $3,405,132,  and  the  sum 
of  $23,21S  is  left  as  the  discrepancy  as  to  the  cost  of  the 
Roadway,  between  the  first  estimate  made  before  the  first 
shovel  of  earth  was  removed,  and  the  second  estimate  now 
made,  when  most  of  the  work  is  executed.  And  here  let  it 
be  re  marked,  the  price  of  labor  and  provisions  has  nearly 
doubled,  since  the  first  estimate  was  made. 
„  I  must  be  allowed  to  say  again,  that  the  first  estimate  was 
rerrjarkable  for  its  accurac)r. 

The  question  maybe  asked,  il  are  you  sure  the  present 
estimate  will  finish  and  equip  the  Road?" 

We  answer  yes,  yes  !  Il  will  finish  the  Road  and  equip 
it  to  the  extent  for  which  we  have  estimated;  which  may  an- 
swer for  several  years  to  come.  But  we  hope>  and  believe, 
the  day  is  not  far  distant  when  more  than  double  this  motive 
power  will  be  required  on  this  Road,  and  that  will  be  an  aus- 
picious day  for  the  Road  and  the  State. 

Let  the  extensions  be  made  Eastward  and  Westward,  and 
the  amount  of  business  which  will  be  thrown  upon  this 
Road  can  scarcely  be  conceived. 

Let  the  North  Carolina  Railroad,  like  a  huge  tree,  strike 
its  roots  deeply  into  the  shores  of  the  Atlantic,  and  be  moist- 
ened by  its  waters,  on  the  east — stretch  ils  noble  trunk  through 
the  centre  of  the  State,  and  extend  its  overshadowing  and 
protecting  branches  through  the  valleys  and  along  the  moun- 
tain tops  of  the  west,  and  it  become,  indeed,  the  Tree  of 
Life  to  North  Carolina. 

The  amendments  to  the  charier  of  the  company,  enacted 
by  the  last  Legislature,  were  declined   by  the  Stockholders 


11 

in  general  meeting,  and  a  committee  was  appointed  to  wait 
upon  your  body  and  ask  for  such  amendments  as  should 
be  deemed  necessary  and  proper. 

As  the  company  is  restricted  from  holding  lands,  beyond 
what  is  absolutely  necessary  for  its  uses,  it  is  respectfully  sub- 
mitted, whether  lands  held  by  it  should  not  be  released  from 
taxation. 

The  amount  of  taxation  is  not  so  much  to  be  considered 
as  its  inconvenience  ;  the  lands  are  stretched  along  a  line  of 
220  miles,  in  exceedingly  small  pieces  or  ]ots,  sometimes  not 
exceeding  in  width  the  road-way,  and  every  county  and  cor- 
poration in  which  it  lies,  manifests  a  becoming  vigilence  to 
see  that  it  is  duly  taxed.  When  the  fee  simple  for  the  tract 
of  200  feet  in  width  could  be  procured  at  the  same  price  the 
right  of  way  would  cost,  the  fee  has  been  taken  j  and  it  is 
very  inconvenient  to  list  for  taxation  in  its  proper  ditsrict  all 
these  small  lots  or  parcels  of  land.  And  the  corporations 
through  which  the  road  passes,  are  clamorous  for  fine  ware- 
houses, sheds,  and  other  buildings,  located  within  their  limits, 
to  decorate  their  respective  towns  ;  nor  will  that  clamor  cease 
until  taxes  levied  upon  the  increased  value  of  their  property, 
shall  aid  in  improving  and  decorating  other  parts  of  their 
respective  towns. 

While  the  company  are  desirous  to  make  the  road  useful 
to  every  portion  of  our  citizens,  yet  they  are  not  ambitious  of 
distinction  in  this  line  of  usefulness  ;  they  therefore  hope 
that  the  fragments  of  real  estate  which  they  are  permitted  to 
hold,  may  be  released  from  taxation  on  the  part  of  the  State 
or  of  any  county  or  corporation. 

I  hope  I  may  be  pardoned  for  suggesting  that  the  time  is 
so  very  short  before  the  company  will  be  receiving  their  iron 
on  the  last  contract,  for  which  cash  is  to  be  paid  on  delivery  ; 
it  behooves  them  to  be  providing  the  means  for  the  payments. 
It  is  therefore  very  desirable  to  them,  to  know  at  an  early  day, 
the  conclusions  to  which  your  honorable  body  may  come. 

J.  M.  FOREHEAD, 

Dec.  4th;  1854.  President  of  the  N.  C.  R.  R.  Co. 


12 


EXHIBIT  A. 

Showing  estimate  of  expenditure  to  be  provided  for. 


Grading, 
Masonry, 
Superstructure  tof  Bridges, 

Do  of  Roads, 

Warehouses   and    Walersiations   and 

Sheds  for  Engines,  Coaches  tfcc, 
Sills, 


Add  contingencies  for  grading,  Rock 
excavations,  &c, 

From  this  sum  of 

may  be  deducted  $200,000,  esti- 
mated to  be  embraced  in  contracts 
already  made,  and  which  will  be 
paid  out  of  the  three  millions, 


Iron  9,000  Ions  at  $42,50, 
Duly  at  .$12  per  (on, 
Transportation'  $6  per  ton, 

Chairs  $14,000,  Spikes  $14,000 
Additional  Motive  power. 
Twelve  Locomotives,  each  $9,500, 

Do.  1st  class  Coaches,  each  $2,500 
Six  2d  class  do.,      each $1,000, 

Two  hundred  freight  cars,  each  $650, 
Twenty  gravel  cars,  each  $300, 

Houses  for  Overseers  and  hands, 

Machine  Shops., 

Land  damages  and  purchases, 


*3S2,500 

108,000 

54,000 


$114,000 

30,000 

9,000 

130,000 

6,000 


$89,700 
27,500 
02,800 
00,000 

84,000 
108,200 

$43S,200 

10,000 


$448,200 


200,000 


$248,200 


544,500 

2S,000 


289,600 

20,000 

100,000 

5,000 


I  $1,235,300 

As  the  entire  expenditure  for  motive  power,  Machine 
Shops,  Houses,  &c,  may  not  be  required  for  sometime  to 
come,  the  sum  of  $225,300,  might  be  deducted  for  the  pre- 
sent;  leaving  one  million  to  be  provided  for. 


